1.0 Insurance Regulation (Licensing Process) Flashcards
1.1 Licensing Process (SC state-specific content)
What does a person need to have in order to transact insurance business in SC?
A person must have an insurance producer’s license
To qualify for a license, an applicant must?
- atleast 18
- be of good moral character
- not have been convicted of a felony or crime, including dishonesty, fraud, breach of fiduciary duties, etc.
- Pay the requiring licensing fees.
- pass the state examination for the line of authority for which the application is made.
What are the three steps for getting an insurance license?
- Take and pass the state exam.
- Apply for your license and pay required fees.
- Get a criminal background check by SLED and the FBI by getting fingerprinted.
How long are your test results good for?
1 year
What is an agency?
is a group of insurance agents formed to sell, solicit, negotiate, issue, and deliver policies.
The agency may also be licensed, if it does what?
- pay the licensing fee
- Keeps its activities within the scope of the agency’s purposes and
- Appoints a person to be responsible for the agency’s compliance with state insurance laws.
An insurance agency must also hold a ?
producer’s license to transact insurance business in SC. Every person of the agency who transacts insurance must be licensed as a producer.
What does an agency license contain?
Licensees name, address, license number, date of insurance, the lines of authority and any other information the director determines neccesary.
What is the appointment of the producer?
A licensed producer can act as an insurance agent for an insurance company; he/she must be appointed by an authorized rep of the company (insurer).
When are appointment renewal fees due by? (Paid by the insurer)
on a biennial basis and must be paid to the department by sept 30th of each numbered year.
